Hedge fund manager who told you to sell Bitcoin at $10,500 is once again calling the top
BTC $8676 (-1.3%) • ETH $208 (-3.9%) • XRP $0.21 (-6.2%)
Thomas Thornton, the head of Hedge Fund Telemetry, has made the headlines for his accurate predictions regarding the direction of Bitcoin’s trend. Relying on the Tom Demark (TD) sequential index, the former portfolio manager forecasted some of the most profitable tops and bottoms that the flagship cryptocurrency has had over the past months.
In mid-December 2019, Thornton said that BTC was poised to reverse as it was falling below $6,500. Thereafter, the buying pressure behind the pioneer cryptocurrency rose significantly, which led to the beginning of a new uptrend.
Then, on Feb. 7, the trading veteran recommended his Twitter followers to close their long BTC positions. Six days later, the bellwether cryptocurrency topped at a high of $10,500 and began its downward trajectory towards $4,000.
Now, he believes that Bitcoin could have reached a local top, which may result in a steep decline.
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What else?
🌍 Wanchain-backed FinNexus expands to XRP Ledger for tokenizing real-world assets
🖥 Cardano founder Charles Hoskinson: Founders must decouple from the cryptocurrency
🛣 Here’s why Bitcoin’s dwindling open interest could be great for bulls
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